StanChart to step up hiring, growth

Standard Chartered Bank, which filed its draft red herring prospectus (DRHP) for listing its Indian Depository Receipt (IDR) to raise over Rs 2,250 crore, is aggressively pursuing its expansion plan.

The bank targets to add 400 relationship managers (around 70 per cent of its existing strength) in 2010-11. To increase its visibility and reach, the bank will also install 100 Automated Teller Machines (ATMs) in Mumbai and Delhi by June 2010.

"We have selected Mumbai and Delhi for ATM expansion in the first phase as a large part of our customer base is in these two cities," said Shyam Srinivasan, country head, consumer banking.

"We plan to set up 60 ATMs in Mumbai and 40 in Delhi, entailing an investment of Rs 25 crore."

To take its services to customers, the bank plans to raise the number of relationship managers to 1,000 by the end of the current fiscal year.

With the economy emerging out of the slowdown and people spending more, the bank is also optimistic about the growth of its card business.